Nigeria's annual inflation rate stood at 24.48% in January, the statistics agency said on Tuesday, well down from the previous month's figure after the country's price index was rebased for the first time in more than a decade.

Nigeria’s annual inflation rate fell in January after the statistics office revised the data used to calculate household expenditure, clouding the interest-rate outlook.

Nigeria’s inflation rate dropped massively to 24.48 percent in January 2024 from 34.80 percent in December last year after the rebased Consumer Price Index. The Statistician General, Prince Adeyemi Adeniran,

ABUJA (Reuters) -Nigerian inflation was at 24.48% in annual terms in January, the statistics agency said on Tuesday, a sharply lower figure than the last release after a rebasing exercise to reflect changes in consumption patterns.

The Centre for the Promotion of Private Enterprise, CPPE, has explained that the sharp deceleration of Nigeria’s inflation in January 2025 does not amount to a reduction in the prices of goods and services.

The National Bureau of Statistics (NBS) have released shocking figures showing that inflation is down, in the newly rebased Consumer Price Index (CPI)